How to Pay for Dental School

There are many reasons to aspire to be a dentist: a flexible work-life balance, running your own practice, and of course, helping people to be healthier and happier.

But the path to becoming a dentist is expensive, and figuring out how to pay for dental school is something each aspiring dentist must do. In fact, the full cost of attending a private dental school for a four-year degree can be more than $400,000 for tuition along with room, board, medical instruments, and other items.

However, the return on investment may be well worth it. According to Earnest data, the median debt for a DDS or DMD degree is $220,000 and the median annual salary is $155,000.

Now that you’re considering dentistry as a future career, how will you pay for dental school?

How much does it cost to attend dental school?

First, think about whether you will be able to go to an in-state dental school or if you’ll be a non-resident student in another state. The cost of one year of dental school varies widely depending on these factors. Here are some data points about the first-year cost of attendance:

For an in-state student at the Indiana University the cost is $51,000 and for an out-of-state student, it’s more than $91,000. At the University of Kentucky, the full cost of attendance is $65,000 for a resident and more than $98,000 for a non-resident. At the private Herman Ostrow School of Dentistry at the University of Southern California, the cost of attendance is more than $102,000 for the first year of school.

Now, multiply these numbers by four to see the approximate cost to obtain your dental school degree.

Want more info on how to pay for your graduate education?

Financial aid

How will you pay for your dental school education?

Your first step is to visit the financial aid office of the dental school you’re planning to attend. You’ll be able to find out if the school of your choice offers scholarships or grants and how to apply for them.

Next, be sure to fill out the Free Application for Student Aid (FAFSA). When you have applied for aid and after your have been accepted into the school, you’ll often be automatically considered for grants offered by the school.

Federal loans

Federal loans are offered through the financial aid office of a dental school and the majority of dental school students take them out in order to fund their education.

Below you can find the types of federal loans that are available for graduate dental students. Typically, repayment on federal loans begins six months after you graduate. To find the exact interest rates for federal loans, visit the Department of Education.

Type of loan

Rates and costs (through 7/1/16)

Maximum borrowing per year

Federal Stafford Loan

Fixed 5.84%, with a loan fee of more than 1%. Interest accrues with loan origination.

$20,500

Graduate PLUS Loan

Fixed 6.84%, with a loan fee of more than 4%. Interest accrues with loan origination.

Amount up to the school’s Cost of Attendance minus the amount of all other financial aid you are receiving (including other loans).

Federal Perkins Loan

Fixed 5%; no loan fees. Interest accrues with the start of the repayment period.

$8,000

Health Professions Student Loan (HPSL)

Fixed 5% interest; no loan fees. Interest accrues with the start of the repayment period.

Varies according to eligibility and available funds.

Private loans

Private loans may be used in addition to federal loans.These are not offered through the financial aid office of a school, but through private companies.

In contrast to federal loans, rates will vary based on the financial profile of the borrower. Learn more about private student loans here.

Scholarships, grants, and fellowships

Scholarships are typically based on merit and are offered by many schools; recipients are typically chosen according to admissions applications and DAT scores. Grants are based on financial need and do not require repayment, so they are a another way to fund your dental education.

You will want to spend some time researching all your options, whether scholarships offered by the school or by outside organizations. The American Student Dental Association offers this list of scholarship resources.

Another option is refinancing your loans into a lower rate. Once you’ve secured a position in the dental field, you’ll be in a more favorable position to consider refinancing your loans – an option that saves many dentists thousands of dollars in interest payments. Learn more about the pros and cons of refinancing here, and how to know if it’s the right time for you to refinance here.